Key Highlights
Bitmine bought another $49M in ETH, boosting its holdings to nearly 3.5 million ETH worth over $10B.
Chairman Tom Lee warned that strained market-maker liquidity after the October 10 crash is still dragging crypto prices down.
Bitmine stock (BMNR) dropped over 10% as the company continues its long-term push to accumulate about 5% of Ethereum’s supply.
Bitmine has expanded its Ethereum reserves once again, purchasing 17,242 Ethereum (ETH) worth roughly $49 million on November 21, according to new data from analytics firm Onchain Lens.
The latest acquisition comes during one of the most volatile periods for the crypto market this quarter, with Ethereum trading sharply lower compared to early October highs.
The company now reportedly holds around 3.5 million ETH valued at more than $10 billion, making Bitmine one of the largest corporate holders of Ethereum, second only to Strategy. Despite the market downturn, the firm continues to follow its long-term accumulation strategy.
Bitmine has further bought 17,242 $ETH, worth $49.07M, from #FalconX and #BitGo.https://t.co/1vbYSuHbaphttps://t.co/s9hkSLhsCe pic.twitter.com/4nQbPLWrCO— Onchain Lens (@OnchainLens) November 20, 2025
Bitmine keeps buying as ETH slides below $2,800
Ethereum extended its decline during the latest market downturn. At the time of writing, ETH trades at $2,7800.42, down 10.73% in the past 24 hours, with a trading volume of $45.56 billion and a live market cap of $336.98 billion. The steep drop follows a broader sell-off that began after the October 10 liquidation wave.
Originally known as a mining company, Bitmine has transformed into a digital asset treasury business. Its long-term plan includes building an Ethereum reserve large enough to control around 5% of the asset’s total circulating supply.
The company finances its purchases by combining equity raises, cash reserves and staking rewards. The majority of such transactions are executed on big OTC desks like FalconX and BitGo, which enables them to purchase large quantities without affecting the order books of the public.
Tom Lee flags a liquidity crunch among market makers
In a November 20 interview with CNBC, Tom Lee, Bitmine Chairman and Fundstrat Co-Founder, said crypto prices are under pressure because major market makers are still repairing their balance sheets.
Lee explained that several firms reduced activity after October’s rapid forced liquidations, creating a liquidity squeeze that has slowed market recovery.
Lee compared the situation to a similar episode in 2022 that took eight weeks to stabilize. The current cycle is six weeks in, and he expects pressure to ease “may take a couple more weeks” once market makers restore capital and resume normal operations.
Bitmine stock declines as accumulation continues
Despite aggressive ETH buying, Bitmine Immersion Technologies’ stock (NYSE American: BMNR) closed lower at $26.02, down 10.83%, with after-hours trading pushing it further to $26.28 (+1%).
Bitmine Stock Price Chart – Source: Google Finance
The company remains committed to Ethereum as a core asset powering decentralized finance, smart contracts, and future tokenization trends. As liquidity slowly returns to the market, analysts will watch whether Bitmine’s large-scale accumulation strategy pays off.
Also Read: Crypto Market Crash as Bitcoin Falls Below $86K, Liquidations Reach $1B
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